ThreatMetrix Strengthens its Cybercrime Defender Platform 
The new technology integrates behavioral analysis and payment behavior to detect suspicious activity that might be fraud.
PCI Publishes Mobile Payments Security Guidelines
The guidelines are set to help merchants implement a secure mobile payment-acceptance solution.
Ten Debit Networks Adopt Common U.S. Debit Aid
The Secure Remote Payment Council (SRPc) announced that the ten debit network members of its Chip and PIN Workgroup have agreed to adopt a common U.S. debit application identifier (AID) and work with Discover Financial Services to license the D-Payment Application Specification (D-PAS) as the foundation of the common U.S. debit chip payment solution.
CNP Merchants Prepare for the Growth in the Mobile Payment Channel
In a recent survey polled by CardNotPresent.com, found that nearly a third of businesses predict that up to 20% of their sales will come through the mobile channel. Retail segments with the largest concern for mobile fraud include jewelry, digital goods and gaming retailers.

Verifi was pleased to exhibit at the 2013 MRC Annual e-Commerce Payments and Risk Conference hosted at the Aria Resort, Las Vegas. The MRC Conference is a great tradeshow where we are able to gain insights on the latest industry news, meet business partners and prospects and learn valuable information we can then pass onto our  clients. Rick Lynch, Verifi’s SVP of Business Development, moderated the Managing Your Not So Friendly Fraud Chargebacks keynote which was held on March 28, 2013.
In an effort to ensure we are providing you with the latest news, hot topics and most relevant industry information, we are pleased to provide you the following highlights from the MRC:

  • Friendly fraud getting the best of you? Threatening your bottom line? Eating up your resources and man power? In the last 3 years, the number of friendly fraud cases increased by nearly 50%,  where merchants reported they paid an average of $3 for every $1 lost to fraudulent transactions. Friendly fraud is highest among card-not-present transactions  since the merchant cannot physically see who is a making the purchase. Chargebacks are often the result of friendly fraud, where a cardholder places an order from an e-retailer, but then contacts their issuing bank stating a transaction on their card was not theirs. The threat of friendly fraud is prevalent among merchants and continued to be  a hot topic at the 2013 MRC Conference. Anti-fraud experts, including Verifi, showcased their top-of-the-line solutions to help prevent friendly fraud and regain revenue that rightfully belongs to the merchants. Verifi’s signature Chargeback Representment and CDRN® – Cardholder Dispute Resolution Network, is among the top performing services in the industry to combat friendly fraud.
  • Issuer notification for customer disputes was another hot topic at the conference,  where Verifi was mentioned for its Cardholder Dispute Resolution Network (CDRN) addressed by David Montague, founder of The Fraud Practice, during his opening keynote address. Verifi developed CDRN to specifically tackle the kind of friendly fraud discussed during the keynote address and that so often impacts good merchants and their bottom line.
  • Device Fingerprinting continues to be the most effective methods to identify and address criminal fraud. Verifi partner’s, Kount, ThreatMetrix, and Iovation were among the top Device ID participants at the show. Verifi’s host of Intelligence Suite products includes IP Intelligence via IP address sourced geo-location and proxy-setting information, Device Intelligence and reputation scoring to expose the fingerprint and personality of the true device submitting the transaction and several others helping to indentify every customer, their location and risks associated with them or their purchasing device. Global payment processing continues to increase as US merchants expand into global markets. As a result, demand for support with multi-currency, cross-currency, and currency conversions, increases as cross border commerce expands.   Verifi’s PCI Level 1 certified Global Payment Gateway enables connectivity to all of the major domestic and international acquirer processing networks, enabling global payment acceptance across all major international and domestic payment types and currencies.  Our strong domestic and international processing networks empowers merchants to ensure uptime and protect their revenue stream while minimizing processing costs through intelligent and flexible transaction routing.

For more information on these or any other Verifi products or services, please visit our product page here, call us at 323.655.5789 or email us directly at info@Verifi.com.
Be sure to visit with us at the ETA Annual Meeting and Exp, April 30 – May 2. For more information or to schedule a meeting please email Info@verifi.com.

In a recent report by the Federal reserve, mobile banking increased by 7 percent from 2012 – 2011 ( 28% in 2012 and 21% in 2011). Most mobile banking customers use the service to review account balances, transactions, or transfers. The top mobile banking customers weighs in at only  10 percent of the US population, while the other 90 percent with mobile devices – 49 percent had used mobile banking within the prior year. The Fed report stated, “consumers remain skeptical of the potential benefits of mobile banking service, as well as the security associated with using the technology.”
Read the full report here.

Recent market conditions pave way for merchants to reconsider implementing 3-D Secure. Three major market changes that may influence the adoption of 3-D Secure include, (1) arrival of EMV to the U.S., (2) alignment of MasterCard’s U.S. liability policy to Visa’s policy, (3) implementation of CardinalCommerce, allowing merchants to locate and control cardholder authentication.
To read the full story via fraudpractice.com, click here.

Rick Lynch, Verifi’s Senior Vice President of Business Development, hosts a 30 min webinar on the topic of Verifi’s comprehensive chargeback management services (Intelligence Suite®, CDRN®, and Chargeback Representment), and briefly outlines how these services assist merchants with chargeback disputes and help recover lost revenue.
The webinar addresses the following topics:

  • How Verifi manages merchant chargebacks through a 4 stage process: Pre-Sale, Sale, Pre-Dispute, and lastly Dispute.
  • Overview of Verifi’s products that assist merchants in managing chargebacks: Intelligence Suite®, CDRN®, Chargeback Representment.

Watch the video

Since 2007, when our first Issuer joined the CDRN network, we have been committed to expanding the Issuer coverage of the network. Analysis completed in December 2012 shows clients participating in CDRN are experiencing as high as a 41% reduction of monthly Visa chargebacks and a 32% reduction of monthly MasterCard chargebacks. In 2013, we have already made notable progress with some of the Top 20 Credit and Debit Issuers not yet on the network and we anticipate the list of “live” participating issuers to continue to grow. As agreements and timelines are finalized, we will communicate those events to our clients.
For those of you that are not currently participating in CDRN or would like to discuss how the service could benefit your business, please contact your Relationship Manager for details.

Recently, Verifi has released an enhancement to our platform that has the ability to return data on API responses through the merchant defined fields. Additionally, filter rules can be configured based on pre-defined parameters.
The platform also allows for single or multiple data points to be returned via a single merchant defined field. When multiple data points are selected, they will be returned using a name/value pair format delimited by a pipe character on the response. Note that the values are encoded.
If you would like more details on this or help configuring a rule, please contact the Client Support Department or your Relationship Manager and they can assist you. Are you worried about running out of ‘open’ merchant defined fields? We are actively working to increase the number of merchant defined fields available for you to leverage – look for more details about this coming soon.

Verifi is very excited to announce the expansion of our Intelligence Suite to include Neustar, iovation, IDology and Loc-aid. Verifi continues to understand and exceed the needs of our growing and diversified client base by engaging with industry leading fraud identification and protection vendors.
Neustar is an IP Intelligence vendor providing over 30 data points that can be used to detect identity theft and card-not-present fraud and also for geo-target advertising and digital content distribution.
Another new addition to the Intelligence Suite is iovation, a device identification vendor providing the world’s largest device database resulting in the ability to provide device reputation.
Expanding on the Consumer Intelligence offering, we have implemented the IDology ExpectID Age validation product, which is used to prevent and deter under-age and card-not-present activities.
Verifi also has implemented a new type of Intelligence Suite vendor specializing in mobile location through Loc-aid . As a mobile device location service, Loc-aid uses cellular tower triangulation to geo-locate a device, which can be used to prevent fraud when location of the consumer is of highest importance.
The four new services complement services currently provided by our existing vendors such as MaxMind, ThreatMetrix, Kount, and Experian, thereby providing one of the most comprehensive suite of integrated products available today.
Once any of these services are enabled within My.Verifi, the results are visible through the My.V reporting tool and can also be used to build custom rules to help manage risk and fraud.
To leverage Verifi’s Intelligence Suite vendors, to request an additional vendor be added to the Intelligence Suite, or you need help in determining which vendor is the right fit for you and your business needs, please contact your Relationship Manager.

Payment Solutions Expert Verifi Partners with Jumio To Fight Fraud
Verifi to offer Jumio`s Netverify and Netswipe card scanning solutions through the Verifi platform
Los Angeles and Palo Alto, CA, September 13, 2012 – Risk management and payment gateway company Verifi today announced that it is integrating Jumio’s Netswipe® and Netverify™ solutions into its industry-leading suite of risk management products.  This partnership is believed to be the first time card and ID scanning technology is being deployed to reduce friendly fraud chargebacks in card-not-present environments.
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Optimal Payments Announces it will Provide Verifi’s Cardholder Dispute Resolution Network (CDRN®) Services to its NETBANX® Merchants
Montreal, September 11, 2012 – Optimal Payments (LSE: OPAY), a leading online payments provider, announced today it will be integrating into Verifi’s patented Cardholder Dispute Resolution Network (CDRN) platform, allowing merchants using Optimal’s NETBANX online payment gateway to effectively manage credit card disputes.
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